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Türkiye’s judiciary has appointed the country’s Savings Deposit Insurance Fund (TMSF) as trustee for 20 companies affiliated with Investco Holding, citing disrupted commercial activity and governance challenges within the group amid an ongoing criminal investigation.
The Istanbul Chief Public Prosecutor’s Office said the decision was based on a ruling by the 10th Criminal Court of Peace, issued under the scope of a broader probe led by the Terror Financing and Money Laundering Crimes Bureau. The investigation has already resulted in the appointment of a management trustee to Investco Holding on Nov. 4.
According to the official statement, TMSF was appointed as trustee to entities including Verusa Holding, Verusaturk Venture Capital Investment Trust, Pamel Renewable Energy, Pan Teknoloji, Sun Renewable Energy, and Sisli Enerji. The list also covers several technology firms such as Zeroone Interactive, Vektora Yazilim, and Core Engage Yazilim, as well as manufacturing and mining companies like Uzertas Kimya and Standard Boksit.
The prosecutor’s office said that many of these firms were unable to function due to a lack of operational governance. This was attributed to ongoing detentions, board member resignations, and a resulting inability to carry out public disclosures or official correspondence, leading to disruptions in commercial activities.
The enforcement action follows a stock market manipulation investigation launched in September, in which 13 of 19 suspects were arrested. Prosecutors allege the suspects engaged in illicit trading practices on Borsa Istanbul (BIST), Türkiye’s main stock exchange, to launder illegal proceeds.
Authorities claim these transactions created artificial price movements and volume spikes in certain shares, misleading investors and causing financial harm to small-scale traders. These actions are suspected of violating Türkiye’s Capital Markets Law by disguising the origin of illicit funds through financial market instruments.
Founded in 2011 and headquartered in Istanbul, Investco Holding operates as an investment company with a broad portfolio across renewable energy, chemicals, mining, iron and steel, health care and technology.
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